About Contractnet.com

Contractnet.com is a public, permissionless, turing complete blockchain, aimed specifically at the implementation of smart contracts associated with IoT. It is optimized for lower memory devices. These external devices will interface directly with the ContractNet network, or with oracles acting as intermediaries between the devices and the blockchain, to securely exchange data with smart contracts on the blockchain.It provides entrepreneurs with a platform to host their businesses, using Contractnet proprietary blockchain and smart contract technology and using the CNET coin as the medium of exchange.

ContractNet is a new public, permissionless blockchain which is purpose built with the storage,sharing and analysis of IoT data streams. The ContractNet technology company is based in Hong Kong, and is registered in both Hong Kong and the USA. Contractnet.com believe that a systemized framework for sharing IoT data, and a platform for developing distributed apps & smart contracts, could benefit all industry sectors for the better. The ContractNet is positioning itself at the intersection of these exciting technologies - Blockchain, the Internet of Things and Smart Contracts.The platform uses a base currency (CNET) to act as a store of value, and also as the unit of exchange for payment, computation and storage.

Token Basic Information

What is a Smart Contract?

A smart contract is not autonomous, intelligent software. It is simply a piece of code that is stored on a blockchain, that automatically implements the terms of an agreement between partners.It is triggered by transactions on the blockchain, and it reads and writes data in that blockchain’s database. The code can be in Pascal, Python, PHP, Java, Fortran, C++, Go, Solidity and a multitude of other languages. It can be compared to stored procedures written in an extension of SQL. It is deterministic, in that the same input will always produce the same output.

Contractnet.com is a platform that’s built specifically for creating smart contracts. The Ethereum Virtual Machine (EVM) is “Turing complete”, which means that the EVM code can perform most computations associated with modern programming languages. Smart contracts run on the EVM, which is like a distributed global computer. The most popular language for writing smart contracts in Ethereum is Solidity.

Challenges facing Smart Contracts

Legal

There is no real clarity about whether smart contracts are legally binding under current legislation
in different countries. Most countries are adopting a “regulation will follow innovation” stance on this and hopefully, a clear path will be proposed soon.

Security

Contractnet.com Most transactions on a blockchain are single actions (a transfer of funds), however, a smart contract requires processing and it therefore is persisted for the duration of the blockchain’s existence time. During this time, it is vulnerable to attacks of various sorts, and especially those on the “CIA” list:Smart contracts, if poorly designed, can be riddled with bugs and security vulnerabilities. A recent analysis of over 19,000 smart contracts deployed on the Ethereum blockchain, found 8,333 contracts with at least one security issue. Many of these can lead to cyber theft or the deadlocking of smart contracts.

Technical Challenges of Contractnet.com

• Scalability
• Processing power and time
• Storage
• Standards for IoT

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Risks:

• Credibility of vendors
• Credential security
• Legal compliance

Standards

Finally, it is necessary to comply with standards defined by the IEEE (Institute of Electronics and Electrical Engineers). The full table which defines all the standards that fall under the IoT “umbrella” can be viewed in the document section of Company website.

Attracting IoT Device Owners

Contractnet.comt’s philosophy and reason for existence is to be the global interchange of IoT data, and the platform for some of the most exciting applications on the decentralized web. This unlocked batholith of data will create some of the most useful forecasts, visualizations and decisions that will better humanity and drive innovation forward.

Core Features

ContractNet has been developed as a Blockchain which combines several industry features, resulting in a unique approach. ContractNet is a public, permissionless, turing-complete blockchain, much like Ethereum. One of the main differences between the platforms is, where Ethereum aims to create blocks as quickly as possible to avoid latency (resulting in a 90-second block time average as of writing this), ContractNet has targeted a block time of approximately 17 seconds. The reason for this is two-fold:

Storage of IoT Data Streams

Blockchains are inherently good at storing narrow rows of immutable data. IoT data streams are all time-series (value + timestamp) based and can run into multiple Gigabytes rather rapidly if the frequency of the sensor data being transmitted is high. Therefore, storing these streams on chain is not feasible. What we propose is to take a number of different decentralized technologies, combine them into a hybrid solution that ticks all of the following objectives:

ContractNet Vision

ContractNet’s philosophy and reason for existence is to be the global interchange of IoT data, and the platform for some of the most exciting applications on the decentralized web. This unlocked batholith of data will create some of the most useful forecasts, visualizations and decisions that will better humanity and drive innovation forward.ContractNet is a new public, permissionless blockchain which is purpose-built for the storage and sharing of IoT data streams. It provides entrepreneurs with a platform to host their businesses,using our proprietary blockchain, smart contract and IoT technology.

Revenue Streams

The focus of ContractNet will be on delivering the best IoT solution. Income – and the value of the CNET coin – will be dependent on attracting large numbers of companies/consortiums of companies looking for this solution. In addition, focus will be on attracting Dapp developers, who will bring their own clients to the platform. A considerable amount of the income to be raised during the ICO will therefore be allocated towards marketing and community building.

Team

Members	WEE HONG LOONG (CEO) LIN (Marketing Head) WONG (Finance Head) LILUN (Business HEAD/CTO) TEJA (COMMUNITY MANAGER) GHIMIRE BLOCKCHAIN DEVELOPER PALMER TECHNICAL ADVISER

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[su_quote]This article is writing on 10 May, 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: support@coinworldstory.com Or Whatsapp Us- 918077121282[/su_quote]

Disclaimer:

Not all the websites Which listed in Top List are 100% safe to use or investment. We do not promote any of those. Due diligence is your own responsibility. You should never make an investment in any online program with money you aren’t prepared to lose. Make sure to research about the website.So Please take care of your investments. and be in the safety site and avoid much losing online

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